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Wednesday, May 8, 2024
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Economy

SEBI bans mutual funds from signing pacts with stressed companies

The Securities & Exchange Board of India’s ban comes after companies such as Essel Group reached so-called standstill agreements with money managers.

Modi govt puts oil PSU mergers on hold, ‘no room for experiments’ now

Former finance minister Arun Jaitley had earlier pushed for ONGC and HPCL merger, which has not been smooth.

Axis Bank, India’s third largest private bank, wants to raise $1.3 billion

The deal would help the Mumbai-based Axis Bank, led by CEO Amitabh Chaudhry, enhance risk buffers, bolster capital ratio and expand lending capacity.

Modi’s new budget key to unleashing Indian economy’s animal spirits

Analysts expect the new Modi government’s first budget on July 5 to tweak fiscal levers, to boost the economy and get it back on a faster growth track.

HDFC picks Bank of America, Morgan Stanley to manage IPO of its non-bank finance unit

HDFC plans to sell the shares in HDB Financial Services Ltd. and raise about Rs 100 billion, generating funds that will help it expand lending amid a crunch faced by shadow banks.

India issues new tender for 2GW solar power equipment factories after two failed efforts

India has failed to jump-start its solar equipment manufacturing sector through tenders and a safeguard duty to protect it from cheaper Chinese imports.

RBI says all data processed outside India will have to be brought back within 24 hours

The RBI said in its FAQs that after processing, data regarding payments shall be stored only in India & the complete end-to-end transaction details should be included.

I-T dept will now share info on loan defaulters with state-run banks in ‘public interest’

In a new order, the income tax department says it will share information about immovable properties held by defaulters and their guarantors.

After IL&FS crisis, India considering ceiling on audit firms to break Big Four monopoly

The proposed crackdown by India’s corporate affairs ministry mirrors similar action being planned in the UK.

Andhra Bank, SBI, UBI among top PSU banks with over 70% NPA from industry in FY19

Finance ministry data shows Andhra Bank had highest share of industry bad debts at 86%. UBI and Indian Bank followed at 78% and 74%, respectively.

On Camera

Xi Jinping is courting France. India must make sure its European partner isn’t seduced

Xi won’t be walking away from Europe with a win in hand, but his visit will almost certainly ignite arguments about the continent’s geopolitical future.

Air India reduces baggage allowance by 5-15 kg, bringing it in line with rest of industry

Air India’s new policy, effective from 2 May, introduces new weight limits for tickets in each of the different 'fare families' — Comfort, Comfort Plus, and Flex.

Three Indian Navy ships deployed to South China Sea

Deployment comes at a time when Yuan Wang 03, a Chinese missile and satellite tracking vessel, has entered Indian Ocean Region.

Frontrunner is letting the challenger define this poll campaign. Modi still hasn’t found a big theme

A theme has not yet emerged for BJP & people see lack of a contest, which makes it unexciting. For all these reasons, 2024 is turning out to be an unexpectedly theme-less election.